PNC Financial Services Group Inc. Sells 4,894 Shares of MGM Resorts International (NYSE:MGM)

PNC Financial Services Group Inc. reduced its position in shares of MGM Resorts International (NYSE:MGM) by 11.6% in the third quarter, Holdings Channel reports. The firm owned 37,152 shares of the company’s stock after selling 4,894 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MGM Resorts International were worth $1,452,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Savoir Faire Capital Management L.P. raised its holdings in shares of MGM Resorts International by 43.7% during the third quarter. Savoir Faire Capital Management L.P. now owns 63,191 shares of the company’s stock valued at $2,470,000 after purchasing an additional 19,231 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in MGM Resorts International during the 3rd quarter valued at $28,000. Quest Partners LLC bought a new position in shares of MGM Resorts International during the 3rd quarter valued at $76,000. Aljian Capital Management LLC purchased a new position in shares of MGM Resorts International in the 3rd quarter worth $326,000. Finally, Marathon Trading Investment Management LLC bought a new stake in shares of MGM Resorts International in the third quarter worth $274,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This trade represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.83% of the stock is currently owned by company insiders.

MGM Resorts International Price Performance

MGM stock opened at $37.55 on Wednesday. The company has a market capitalization of $11.18 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 2.70 and a beta of 2.23. The company’s fifty day moving average price is $38.68 and its 200-day moving average price is $39.69. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the company earned $0.64 EPS. On average, equities analysts anticipate that MGM Resorts International will post 2.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MGM. UBS Group raised MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Barclays dropped their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Stifel Nicolaus upped their target price on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Truist Financial reduced their price objective on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company lowered their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.85.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.